15 Apr 2021

Increased Debt Facility


The Board of Hipgnosis Songs Fund Limited and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company has entered into an agreement with a syndicated group of lenders, with JPMorgan Chase Bank as Lead Arranger, to increase its Revolving Credit Facility from £100 million to £150 million. The Company may request an increase in the Revolving Credit Facility commitment by a further £50 million subject to certain conditions. The amended Revolving Credit Facility will provide Hipgnosis with greater flexibility to fund investments and provide additional working capital. In accordance with Hipgnosis' investment policy, any borrowings by the Company will not exceed 20 per cent. of the value of the assets of the Company less its liabilities.